Stablecoins could hinder monetary policy: Swiss central bank

“Modernising the payment system is sensible,” governing board member Petra Tschudin said Wednesday at an event in Zurich. But large stablecoins that are not integrated in the existing two-tier financial system, frame “a situation where it’s harder for central banks to fulfill their mandate,” she added. The remarks build on the SNB’s pronounced scepticism on stablecoins and crypto assets, even as it’s at the forefront of experimenting with digital forms of central-bank money. The institution started three years ago to issue a blockchain-based digital currency for banks – a so-called wholesale CBDC – and said that the project will continue…